Purple Innovation Inc (NASDAQ:PRPL)’s share price rose 14.8% during trading on Friday . The company traded as high as $8.55 and last traded at $7.89, approximately 289,300 shares traded hands during trading. An increase of 976% from the average daily volume of 26,875 shares. The stock had previously closed at $6.87.
PRPL has been the subject of a number of recent analyst reports. ValuEngine downgraded Purple Innovation from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. TheStreet upgraded Purple Innovation from a “d+” rating to a “c-” rating in a report on Tuesday, September 10th. Wedbush upped their target price on Purple Innovation from $9.00 to $12.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Finally, Zacks Investment Research upgraded Purple Innovation from a “hold” rating to a “strong-buy” rating and set a $8.00 target price for the company in a report on Saturday, August 17th.
The company has a market cap of $425.25 million, a P/E ratio of -15.47 and a beta of -0.43. The business has a fifty day moving average of $7.93 and a 200 day moving average of $6.66.
Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, August 13th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.45. The company had revenue of $103.00 million during the quarter, compared to the consensus estimate of $94.90 million. Purple Innovation had a negative return on equity of 275.80% and a negative net margin of 0.96%. On average, equities research analysts predict that Purple Innovation Inc will post 1.76 EPS for the current fiscal year.
In other Purple Innovation news, Director Coliseum Capital Management, L bought 97,867 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was bought at an average price of $7.67 per share, for a total transaction of $750,639.89. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have purchased 263,026 shares of company stock valued at $2,082,224. 78.80% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Purple Innovation by 17.5% in the second quarter. Vanguard Group Inc. now owns 52,910 shares of the company’s stock worth $357,000 after purchasing an additional 7,879 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Purple Innovation by 1,705.3% in the second quarter. Wells Fargo & Company MN now owns 11,608 shares of the company’s stock worth $78,000 after purchasing an additional 10,965 shares in the last quarter. Cpwm LLC raised its holdings in Purple Innovation by 150.0% in the second quarter. Cpwm LLC now owns 50,000 shares of the company’s stock worth $338,000 after purchasing an additional 30,000 shares in the last quarter. Finally, Commonwealth Equity Services LLC bought a new position in Purple Innovation in the second quarter worth $567,000. Institutional investors and hedge funds own 12.74% of the company’s stock.
About Purple Innovation (NASDAQ:PRPL)
Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.
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